Business news briefs: Banking, securities office gets a new top official
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Aimee A. Toth, previously chief compliance officer and general counsel for Allegheny Financial Group/Allegheny Investments, was appointed deputy secretary for securities at the newly merged Pennsylvania Department of Banking and Securities.
Americans boosted their borrowing in August by the largest amount in three months with strong gains in the category that covers auto and student loans and in credit card debt. Total consumer borrowing increased $18.1 billion in August compared to July, the Federal Reserve reported Friday. In July, consumer borrowing had fallen for the first time in nearly a year.
Avon Products said Friday that its chairwoman and former CEO, Andrea Jung, will step down at the end of the year. She will be replaced as chairman by lead director Fred Hassan. Ms. Jung, who will continue to be an adviser to the board, joined Avon in 1994 and became the first woman CEO for the 126-year-old company in 1999. But she came under fire for failing to stem the company's declines and wrap up a bribery investigation. She was replaced as CEO by Johnson & Johnson executive Sherilyn S. McCoy in April.
The National Highway Traffic Safety Administration had a busy day Friday. At the urging of the nonprofit North Carolina Consumers Council, the agency is looking into throttle problems in Ford Escapes from the 2005 to 2012 model years. The safety regulators also are investigating complaints that Honda Odyssey Minivans and Pilot SUVs from the 2003 and 2004 model years can roll away after drivers remove the ignition key. Finally, the NHTSA wants to find out if it should recall 2012 Hyundai Velosters because the panoramic sunroof can shatter without warning.
First Published October 6, 2012 12:00 am